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Pan African Resources Plc - Update on Mintails Transaction

·2-min read

Pan African Resources PLC

(Incorporated and registered in England and Wales under the Companies Act 1985 with registered number 3937466 on 25 February 2000)

Share code on AIM: PAF

Share code on JSE: PAN

ISIN: GB0004300496

ADR ticker code: PAFRY

(“Pan African” or the “Company” or the “Group”)

MINTAILS SA TRANSACTION UPDATE

In November 2020, Pan African announced that the Company had entered into conditional sale of shares agreements to acquire the share capital and associated shareholder loans and other claims of Mogale Gold Proprietary Limited (“Mogale Gold”) and Mintails’ SA Soweto Cluster Proprietary Limited (“MSC”) (together the “Mintails Transaction”). Both Mogale Gold and MSC are 100% owned by Mintails SA, which was placed into provisional liquidation during 2018.

Pan African completed a definitive feasibility study on the Mogale Gold TSFs and announced the results of this study on 30 June 2022. The results of the DFS demonstrated that the project has compelling economics and significant production impact for the Group, equivalent to an increase in excess of 25% of current annual production, and an initial life of mine of 13 years, with further upside.

The deadline for fulfilment of the remaining conditions to conclude the Mintails Transaction was previously extended to 31 August 2022.

Pan African wishes to advise shareholders that the deadline for the fulfilment of the remaining conditions precedent to conclude the Mintails Transaction has now been extended to 30 September 2022, to allow the Group sufficient opportunity to conclude the final aspects of its due diligence investigation.

Cobus Loots, CEO of Pan African, commented: “We believe that Pan African will be in a position to conclude the acquisition of Mogale Gold and MSC in the next month. Our studies and other additional work has demonstrated a compelling opportunity to construct a world-class tailings retreatment operation, and we look forward to updating the market further in due course”.

Rosebank

1 September 2022

For further information on Pan African, please visit the Company's website at

www.panafricanresources.com

Corporate information

Corporate Office
The Firs Office Building
2nd Floor, Office 204
Cnr. Cradock and Biermann Avenues
Rosebank, Johannesburg
South Africa
Office: + 27 (0)11 243 2900
info@paf.co.za

Registered Office
107 Cheapside, Second Floor
London
EC2V 6DN
United Kingdom
Office: + 44 (0)20 7796 8644

Chief Executive Officer
Cobus Loots
Office: + 27 (0)11 243 2900

Financial Director
Deon Louw
Office: + 27 (0)11 243 2900

Head: Investor Relations
Hethen Hira
Tel: + 27 (0)11 243 2900
E-mail: hhira@paf.co.za

Website: www.panafricanresources.com

Company Secretary
Phil Dexter/Jane Kirton
St James's Corporate Services Limited
Office: + 44 (0)20 7796 8644

Nominated Adviser and Joint Broker
Ross Allister/Alexander Allen
Peel Hunt LLP
Office: +44 (0)20 7418 8900

JSE Sponsor
Ciska Kloppers
Questco Corporate Advisory Proprietary Limited
Office: + 27 (0)11 011 9200

Joint Broker
Thomas Rider/Nick Macann
BMO Capital Markets Limited
Office: +44 (0)20 7236 1010

Joint Broker
Matthew Armitt/Jennifer Lee
Joh. Berenberg, Gossler & Co KG (Berenberg)
Office: +44 (0)20 3207 7800